Cholamandalam MS Car Insurance

Cholamandalam MS General Insurance Company is formed as a venture between Murugappa Group and Mitsui Sumitomo Insurance Company. While Murugappa Group is an Indian entity, Mitsui Sumitomo is a Japanese insurance company which has international business interests. Chola MS offers a range of general insurance products like health insurance, property insurance, motor insurance as well as commercial insurance policies. Car insurance is also offered by the company and there are different types of car insurance plans that Cholamandalam offers.

Benefits of buying Cholamandalam car insurance plans

Here are the salient features and benefits which you can get when you buy Cholamandalam car insurance plans –

The company’s products are quite popular. In the financial year 2018, the company’s Gross Written Premium crossed INR 41,000 million

The company is present all over India with a network of 87 branches and more than 34,000 agents pan India

The company has received various awards over the years. It was named as the Dream Company to work in the year 2017. This status was conferred by Times Ascent

The company participates in CSR activities proactively. For these services, the company received the Best CSR Practice Award

Features of Cholamandalam car insurance

Car insurance plans offered by Cholamandalam have the following features –

Separate policies are offered for third party coverage as well as comprehensive coverage

A personal accident cover is also offered under all types of car insurance plans offered by the company. This coverage is in accordance with the compulsory requirement of personal accident cover under car insurance plans

The Incurred Claims Ratio of the company for the financial year 2017-18 stood at 72.54% which shows good profitability of the company

There are a range of add-ons and services offered under the car insurance policy offered by the company

You get a network of more than 6912 cashless garages across India so that you can easily make a cashless claim settlement

Types of car insurance policies offered by Cholamandalam MS

As mentioned earlier, Cholamandalam MS offers a range of car insurance plans. Let’s understand the types of policies offered by the company –

1. Third-party car insurance policy

A third party car insurance coverage is mandatory as per the rules laid down by the Motor Vehicles Act, 1988. The policy allows coverage for physical and property damages suffered by third parties. The coverage for physical injuries and death is limitless. For property damage, coverage is allowed for up to INR 7.5 lakhs.

A third-party car insurance plan covers the following instances –

Death of a third party due to the car

The physical injury suffered by a third party due to the car

Damage to a third party’s property due to the car

Damages suffered by the car itself are not covered under third party liability plans

2. Comprehensive car insurance policy

This is a comprehensive policy which offers a range of coverage benefits. The policy covers both third-party liabilities as well as the damages suffered by the car itself.

Coverage under comprehensive car insurance plans is allowed for the following instances

Death of a third party due to the car

The physical injury suffered by a third party due to the car

Damage to a third party’s property due to the car

Damages suffered by the car due to natural causes like floods, typhoons, earthquakes, etc.

Damages suffered by the car when it is being transported from one place to another

3. Zero Depreciation car insurance policy

This is also a comprehensive car insurance plan albeit with a wider scope of coverage. Under zero depreciation plans, the effect of depreciation is not considered at the time of claims. In case of own damage claims, the depreciation incurred on the parts of the car is excluded from the claim amount under normal comprehensive car insurance plans. Due to this exclusion, you have to bear a major part of the repair costs yourself. However, under zero depreciation car insurance plans, the depreciation from the car’s parts is not deducted. The insurance company pays the full amount of claim thereby preventing your out of pocket expenses. Thus, a zero-depreciation car insurance plan is a more inclusive car insurance policy offered by Cholamandalam MS.

Coverage under zero depreciation car insurance policies is allowed for the following instances –

Death of a third party due to the car

The physical injury suffered by a third party due to the car

Damage to a third party’s property due to the car

Damages suffered by the car due to natural causes like floods, typhoons, earthquakes, etc.

Damages suffered by the car when it is being transported from one place to another

Depreciation suffered by the parts of the car due to usage

You can buy a zero depreciation policy only if your car is aged up to 5 years. For cars which are older than five years, a normal comprehensive coverage would be available. Zero depreciation policies would not be available on such cars.

4. Standalone own-damage car insurance policy

This policy provides a standalone own-damage cover for one year. This policy is suitable for new cars bought on or after 1st September 2018 since such cars are mandatorily required to buy a three-year third-party cover. After buying the long-term third-party cover, you can opt for this standalone own damage cover for one year and make your policy a bundled policy.

The coverage under this plan is allowed for the following instances –

Damages suffered by the car due to natural causes like floods, typhoons, earthquakes, etc.

Damages suffered by the car when it is being transported from one place to another

5. Long term comprehensive car insurance policy

This policy is issued for three consecutive years and is suitable for cars bought on or after 1st September 2018. The policy allows three-year continuous coverage against third party liability as well as damages suffered by the car itself.

The coverage features are as follows –

Death of a third party due to the car

The physical injury suffered by a third party due to the car

Damage to a third party’s property due to the car

Damages suffered by the car due to natural causes like floods, typhoons, earthquakes, etc.

Damages suffered by the car when it is being transported from one place to another

Moreover, under all types of car insurance plans, there is also a compulsory personal accident cover of INR 15 lakhs. Under this cover, accidental deaths and disablements are covered by the policy. If the car owner/driver suffers from accidental death or permanent total disablement, INR 15 lakhs would be paid in a lump sum as a claim. In the case of permanent partial disablement, however, the amount of claim would depend on the disablement suffered. Usually, 25% to 75% of the sum insured is paid depending on the severity of disability suffered.

Exclusions under Cholamandalam car insurance plans

Now that you know the types of car insurance policies offered by Cholamandalam MS and their coverage benefits, let’s have a look into the coverage exclusions. It is important to know the instances which your car insurance policy does not cover so that you can understand which claims would not be honoured by your plan. The common exclusions under all Cholamandalam car insurance plans are as follows –

Damages caused or suffered when you are driving without a valid driving license

Damages caused or suffered when you are driving under the influence of alcohol, drugs or any other intoxicating substance

Damages caused or suffered when you are driving outside the geographical limits of India

Damages caused or suffered when you are committing a criminal act or in case of deliberate accidents

Damages suffered due to normal wear and tear of the car

Electrical or mechanical breakdowns

Damages suffered due to terrorist activities, radiation or war-like situations

Damages suffered due to negligence

Besides these exclusions, third party plans do not cover the damages suffered by your car. Similarly, comprehensive car insurance plans do not cover the depreciation incurred on the parts of the car.

Add-ons under Cholamandalam car insurance

Comprehensive car insurance policies offer a range of add-ons with the basic cover. You can choose one or more of the available add-ons depending on your coverage requirements. Each add-on comes with an additional premium and you would have to pay the aggregate additional premium for the add-ons that you select. The available add-ons under Cholamandalam car insurance plans are as follows –

Monthly instalment cover

If your insured vehicle is damaged and you have opted for this add-on, the insurance company would pay the EMI (Equated Monthly Instalment) of the loan which you had taken for buying the car. The insurance company would pay one or two EMIs depending on the add-on option that you have selected.

Coverage for disabled vehicle

If the insured vehicle is damaged and cannot be moved to the nearest garage, this add-on would provide coverage for the expenses incurred in protecting, extracting and removing the disabled car.

No claim bonus protection

You get a no claim bonus if you do not make a claim in a policy year. This bonus also increases after each successive claim-free year. However, if a claim is made in any policy year, the entire accumulated no claim bonus is lost. This add-on protects the loss of the accumulated add-on. With this add-on the no claim bonus is kept intact even if you make a claim under your policy

Coverage of insurance cost

If your vehicle is badly damaged and you receive a claim for total loss or total constructive loss, this add-on would help in covering the cost of insurance in a new vehicle. If you buy a similar new vehicle after the total loss claim is settled the insurance premium of the new car would be paid by the insurance company under this add-on.

Consumables cover

This add-on covers the cost of consumables used at the time of repairs. Consumables include lubricants, nuts and bolts, screws, engine oil, etc. which might be used when repairing the car. Under normal policies, the cost of these consumables is not covered but if you select this add-on, the consumables cost would be covered.

Registration Certificate Lost Cover

If you lose the original registration certificate of your car, this add-on would pay you INR 2000 to get a duplicate license issued by the RTO.

Franchise Benefit

If you choose to pay INR 5000 from your own pockets at every instance of own-damage claims, you can claim a premium discount under this add-on.

Waiver of depreciation

This is a zero depreciation add-on which you can buy with a comprehensive car insurance plan. If you choose this add-on, the depreciation applicable on the parts of the car would be ignored at the time of payment of a claim. You can choose to waive the applicable depreciation by 25% to 100% depending on the suitability.

Reinstatement value basis for fixing IDV

IDV means the Insured Declared Value of the car. It is the sum insured of the car insurance policy and is calculated by deducting the market value of the car by its age-based depreciation. In case of total loss or theft, the IDV is paid which is lower than the actual price of the car. If you choose this add-on, in case of theft or total loss claim, the invoice value of the car would be paid as a claim even if the IDV is low.

Coverage for road tax and registration charges in case of a total loss of the vehicle

If the vehicle is badly damaged and a claim for total loss is payable, this add-on would help you get reimbursement for the registration charges and road tax paid when you bought the car.

Reimbursement of cost of a duplicate key

If you lose your car keys then this add-on would reimburse you for the cost of availing duplicate keys of the car. The maximum reimbursement would be limited to INR 10,000.

Daily cash allowance

If a claim is made and the car is being repaired, this add-on would give you a daily cash benefit of INR 500 or INR 1000 (as you choose) for the period for which the car is under repairs.

Auto extension of policy

Under this add-on, you get an automatic extension of coverage duration by 30 days. You have to pay an additional premium of 20% and the coverage would be extended on expiry of the policy.

Personal belongings (inside the vehicle)

In case of accidental damages, fire or theft of the vehicle if you lose your personal belongings which were lying in the vehicle, this add-on would pay you for the loss suffered.

License loss cover

If you lose your driving license, this add-on would pay you an amount of INR 500 to obtain a duplicate license.

Discount for repairs in the preferred workshop

If you get your car repaired at a preferred garage you would get a premium discount of 5% (subject to a maximum of INR 500) on the own damage premium payable when you renew the policy.

Wrong fuelling

If you choose this add-on and a wrong fuel is filled in the car you would get coverage for the costs incurred in flushing out the wrong fuel as well as for the costs incurred in replacing any damaged parts due to such fuelling. You would also get coverage for up to INR 1000 on the amount that you spent on the wrong fuel.

Hydrostatic lock cover

If water seeps into the engine, gearbox or transmission of the engine and damages it this add-on would cover the costs incurred on subsequent repairs.

Key replacement cover

This add-on covers the cost of replacing the lock and keys of the car in case of a burglary or theft claim.

Loss of key cover

If you lose the keys of the car due to burglary or damage to the keys, this add-on would cover the cost of replacing the entire lock system of the car.

Consumables plus cover

Under this add-on, the cost of consumables used for repairing the damages suffered by the vehicle would be covered.

EMI cover

In case of damages to the insured car, this add-on would cover the EMI payable to the financial institution for the loan which you had acquired to buy the vehicle.

Conveyance allowance

After the vehicle is damaged and is sent to the garage for repairs, this add-on would pay a daily benefit for meeting your conveyance costs.

Hydrostatic lock plus cover

Under this add-on, damages suffered by the engine, gearbox or transmission of the car due to water seepage is covered.

Vehicle replacement advantage cover

If the car is damaged beyond repairs and a total loss claim is settled, this add-on would ensure that the cost of buying the car, including registration cost, road tax and insurance would be paid to you so that you can buy a new vehicle.

Chola Value-added services

This add-on covers a range of value-added services which you can avail for your private car. Some of the services include the following –

On site minor repairs of the car

Fuel delivery

Flat tyre replacement

Removal or vehicle

Assistance on a phone

Towing in case of accidental breakdowns

Provision for a replacement vehicle, etc.

Discounts available in Cholamandalam car insurance

If you buy comprehensive car insurance plans, you can avail different types of premium discounts. Some of the commonly available discounts include the following –

Discounts for installing safety devices in the car

Discount for buying a long term coverage

Discount for being a member of a recognized automobile association

Discount for making no claims in the previous policy year (s)

How to apply for Cholamandalam car insurance?

You can buy a Cholamandalam car insurance policy online from the website of the company itself. The company offers online purchase facility for its car insurance plans and the process is simple and convenient. Just visit the car insurance home page of the company at https://www.cholainsurance.com/car-insurance, choose the type of policy that you want to buy, fill in the details of your car and you would be able to see the coverage value (Insured Declared Value) and the premium rate. You can also choose to add add-ons to the cover after which the premium would be increased. Pay the premium online and the policy would be issued instantly, without any fuss.

How to renew Cholamandalam car insurance?

Renewal of Cholamandalam car insurance policy is also a quick affair. You can visit the website of the company and on the home page, you would get the option to renew. Provide your policy number and its expiry date and the renewal premium would be calculated. Pay the premium online and the policy would be renewed instantly.

You can also renew your car insurance policy through Turtlemint. Turtlemint is tied up with some of the best car insurance providers in the market. When you renew your policy through Turtlemint you would be able to check the premium rates of other car insurance plans. You can then compare the available plans and if you find better coverage at lower premium rates you can port your Cholamandalam car insurance policy to another insurer.

Claim process of Cholamandalam car insurance

Claims under your Cholamandalam car insurance policy would occur if there is a third party liability, if your car is damaged or if your car is stolen. At any type of claim incidence, you should follow a specified claim process. This process involves the following steps –

Inform Cholamandalam immediately of the claim by calling its toll-free number 1800 208 5544. You can also register your car insurance claim online on the company’s website

A police FIR would be needed if you suffer a third party claim or if the car is stolen

In case of own damages, the car should be taken to the nearest networked garage for cashless claims

The surveyor visits the garage and assesses the damages

Based on the report submitted by the surveyor, the company approves the claim and the repairs begin

You are also required to submit a set of documents for claim processing

When the car is repaired, the company settles the claim amount with the garage and you can take delivery of the car

In the case of third party claims, the claim is handled by the motor accidents tribunal. Depending on the ruling of the tribunal, the insurance company pays the claim

If the car is stolen, the police try and trace the car. If the car is not found, the police issue a non-traceable report. The insurance company, then, settles your claim based on this report.

Documents required for car insurance claims

To get your car insurance claims processed, you should submit the following documents to the insurance company –

Copy of the car’s RC book

Copy of your driving license

Copy of the police FIR (if required)

Policy document

Identity proof

Any other document required by the company

Review of Cholamandalam car insurance

Cholamandalam offers a range of car insurance plans which suit the coverage needs of different individuals. The range of add-ons also helps in customising the policy and makes the coverage comprehensive. The premiums are low and affordable and the wide network of cashless garages ensures that your claims are settled without hassles. So, Cholamandalam car insurance plans are good and they provide you with all-inclusive coverage benefits.

FAQ’s

You can earn a 20% to 50% discount in your renewal premium through no claim bonus by not making claims in your car insurance plan. The rate of no claim bonus depends on the number of consecutive claim-free years and is as follows-

If the policy is not renewed before expiry date, the coverage comes to an end. In case of any claims, you face financial liability. Moreover, if you do not renew the coverage within 90 days of lapse of the policy, the accumulated no claim bonus also becomes nil and you lose the premium discount.

Policy Cancellation & Refund

Policy cancellation and refund of the premium shall be as per the terms and conditions of the policy. The refunds are processed by the Insurance Company directly. You are requested to contact the toll free number of your Insurance Company or refer the respective section of your Policy terms and conditions. You can also call us at our toll free number 1800-266-0101 or write a mail to us at support@turtlemint.com. We shall be available to guide/assist you.

Complaints & Grievance

For any complaints, services related issues or policy, claim related queries/ customer can reach us on - our toll free number 1800-266-0101 Or address mail to support@turtlemint.com